The Commons Sold on Behalf of a Private Bay Area-Based Owner
Campbell, CA (August 9, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of The Commons in Campbell, CA. On behalf of ARA's Pacific office, Mark Leary and Curtis Gardner acted as the advisors to the Bay Area-based private owner in the disposition of the asset.
The Commons is located on Union Ave off Route 17 in Campbell, California, a highly sought-after Silicon Valley location within the Bay Area, minutes from the major tech employers and the 20 million square feet of class A office space within the San Jose / Silicon Valley region. The property is walking distance from the Pruneyard Shopping Center and a short drive from historic downtown Campbell. According to ARA's Mark Leary, "It is one of the well-located multifamily assets in the region which enabled us to have a shortened two-week marketing period."
The Commons, which was completed in 1973, has since undergone over $1.7 million in exterior / interior renovations over the past several years. Situated on over 9.2 acres, The Commons features two resort style swimming pools, a fully-equipped fitness center, a resident business center, covered parking and central laundry facilities. With a mix of studios, one- and two-bedroom floor plans, each unit features a fully-equipped kitchen with dishwasher and garbage disposal. The interiors offer two levels of renovation, including many upgrades such as new cabinets and countertops, ceiling fans, and fixtures. All two bedroom floor plans feature a washer-and-dryer. The property was 94%occupied at the time of sale.
Palo Alto-based Essex Property Trust purchased The Commons for $42,500,000 or $160,985 per unit. Adam Berry, First Vice President of Acquisitions for Essex Property Trust, Inc. stated, "We were attracted to The Commons due to its proximity to Silicon Valley employers and the opportunity for rent growth within the local market. The Essex due diligence team appreciated the professionalism of ARA to assist us in closing the transaction in 28 days from execution of the purchase and sale agreement."
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, locally please contact Mark Leary at mleary@ARAusa.com or 916-764-4191; nationally please contact Amy Holland at aholland@arausa.com or 678-553-9366.
About Apartment Realty Advisors (ARA)
Atlanta-headquartered Apartment Realty Advisors (ARA) is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage of multihousing properties including conventional, distressed, affordable, manufactured, seniors, student and multihousing land. ARA is comprised of the country's top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA's unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.
About Essex Property Trust
Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 136 multifamily properties with an additional 5 properties in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com.
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